European Union is new Digital Markets Act (DMA) Effective Spring 2023: The first of two major new laws aimed at curbing the power of Big Tech.
The European Commission’s EVP, Margre the Vestager, said the EU could begin leveling enforcement against companies that violate the new law shortly after the regulation came into force.
“DMA will come into force next spring and we are preparing for enforcement as soon as we receive the first notice,” she says. Said in a speech To the International Competition Network Conference in Berlin.
The EU reached a political agreement on DMA “just a few weeks ago”. It goes back to March. This regulation targets technology companies known as “gatekeepers.” It is a company worth more than € 75 billion (£ 63 billion), with annual sales of at least € 7.5 billion (£ 6.3 billion) and 45 million monthly users in the EU.
The pace of recruitment is encouraging, but there are concerns that the Commission is not ready for a new executive role, one that assesses whether gatekeepers are sticking to the complex and detailed regulation of DMA. ..
To address these concerns, Vestagger said, “This next chapter is exciting. It means there is a lot of concrete preparation. We will set up a new structure within the committee and pool resources from DGComp. About that. [Directorate-General for Competition] And Cnect [Directorate-General for Communications] Based on relevant experience. It’s about hiring staff. About the preparation of the IT system. It’s about creating more legal documents on procedures and notification forms. Our team is currently busy preparing for all of this and aims to quickly propose a new structure. “
Initially, DMA was scheduled to come into effect this year. The new long lead time gives more time for these important preparations, but criticisms about allowing Big Tech to avoid violating incoming rules for longer than necessary. There may be.
The law allows a three-month period for gatekeepers to declare themselves to the Commission and a maximum of two months for the EU to confirm the designation. Inherited (And will centralized Big Tech agility find a way around the law in the meantime? -Ed.).
BerndMeyring, a partner at the Antirust & Foreign Investment Practices law firm Linklaters, said:
“DMA went through the legislative process in record time. The real question is how quickly we can see the impact on the digital market. Gatekeepers are at the earliest in the first quarter of 2024. At some point you only need to formally comply with DMA obligations. There is definitely controversy over the scope of the broader obligations, but formal recruitment is the starting point for gatekeepers, their counterparties, and committees. As you resolve, you need to see what DMA means for different business models, which really comes with obligations. “
“Of course, this is a developing story,” Vestagger continued his speech. “With the Digital Markets Act, the Commission may be a little advanced so far, but we are all heading in the same direction. Already other major jurisdictions have adopted digital regulations in Europe. Recently adopted a law on app stores. Other jurisdictions are considering new digital regulations. And here in Europe, Germany adopted its own digital regulations last year. “
Especially at the amazing unity show Britain has made its own move today to align with DMA -Announced new authority for digital market units that are part of the Competition and Markets Authority’s regulatory agencies.
https://www.computing.co.uk/news/4049286/eu-digital-markets-act-force-spring EU Digital Markets Act will come into force next spring